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davelj
ParticipantI think rents will go down a bit eventually as the foreclosures get sucked up by investors and rented out, but we’re early in the process.
As an anecdote, however, I know a guy who’s in charge of managing two large apartment complexes in Imperial Beach (440 units in all) and he says there are 9 vacant units right now and they have been raising rents 4% on renewals and new tenants recently. For now, folks moving out of foreclosed homes and into apartments are outnumbering folks moving into foreclosed rental homes. I suspect that will reverse in 2009 as more foreclosed homes get purchased and rented out.
davelj
ParticipantI think rents will go down a bit eventually as the foreclosures get sucked up by investors and rented out, but we’re early in the process.
As an anecdote, however, I know a guy who’s in charge of managing two large apartment complexes in Imperial Beach (440 units in all) and he says there are 9 vacant units right now and they have been raising rents 4% on renewals and new tenants recently. For now, folks moving out of foreclosed homes and into apartments are outnumbering folks moving into foreclosed rental homes. I suspect that will reverse in 2009 as more foreclosed homes get purchased and rented out.
davelj
ParticipantI think rents will go down a bit eventually as the foreclosures get sucked up by investors and rented out, but we’re early in the process.
As an anecdote, however, I know a guy who’s in charge of managing two large apartment complexes in Imperial Beach (440 units in all) and he says there are 9 vacant units right now and they have been raising rents 4% on renewals and new tenants recently. For now, folks moving out of foreclosed homes and into apartments are outnumbering folks moving into foreclosed rental homes. I suspect that will reverse in 2009 as more foreclosed homes get purchased and rented out.
September 25, 2008 at 8:25 PM in reply to: Holy Shit Sandwiches: WaMu taken over by FDIC; deposits sold to JP Morgan #275441davelj
Participant[quote=kev374]it is in the list of failed banks…
http://www.fdic.gov/bank/individual/failed/wamu.html
[/quote]
Outstanding! Normally the FDIC adds the failed institution to the list simultaneous with the announcement, which they didn’t do this time around, so I thought maybe they weren’t going to add it to the list. I’m much happier now.
September 25, 2008 at 8:25 PM in reply to: Holy Shit Sandwiches: WaMu taken over by FDIC; deposits sold to JP Morgan #275693davelj
Participant[quote=kev374]it is in the list of failed banks…
http://www.fdic.gov/bank/individual/failed/wamu.html
[/quote]
Outstanding! Normally the FDIC adds the failed institution to the list simultaneous with the announcement, which they didn’t do this time around, so I thought maybe they weren’t going to add it to the list. I’m much happier now.
September 25, 2008 at 8:25 PM in reply to: Holy Shit Sandwiches: WaMu taken over by FDIC; deposits sold to JP Morgan #275695davelj
Participant[quote=kev374]it is in the list of failed banks…
http://www.fdic.gov/bank/individual/failed/wamu.html
[/quote]
Outstanding! Normally the FDIC adds the failed institution to the list simultaneous with the announcement, which they didn’t do this time around, so I thought maybe they weren’t going to add it to the list. I’m much happier now.
September 25, 2008 at 8:25 PM in reply to: Holy Shit Sandwiches: WaMu taken over by FDIC; deposits sold to JP Morgan #275744davelj
Participant[quote=kev374]it is in the list of failed banks…
http://www.fdic.gov/bank/individual/failed/wamu.html
[/quote]
Outstanding! Normally the FDIC adds the failed institution to the list simultaneous with the announcement, which they didn’t do this time around, so I thought maybe they weren’t going to add it to the list. I’m much happier now.
September 25, 2008 at 8:25 PM in reply to: Holy Shit Sandwiches: WaMu taken over by FDIC; deposits sold to JP Morgan #275762davelj
Participant[quote=kev374]it is in the list of failed banks…
http://www.fdic.gov/bank/individual/failed/wamu.html
[/quote]
Outstanding! Normally the FDIC adds the failed institution to the list simultaneous with the announcement, which they didn’t do this time around, so I thought maybe they weren’t going to add it to the list. I’m much happier now.
September 25, 2008 at 6:00 PM in reply to: Holy Shit Sandwiches: WaMu taken over by FDIC; deposits sold to JP Morgan #275392davelj
ParticipantI must admit that it irritates me a bit that WaMu won’t show up on the List of Failed Banks because, technically, it doesn’t look as if any depositor money will be lost. But when common, preferred, and debt holders (I must assume that the FHLB will get paid) get bupkus, well, that’s a failure in my book.
September 25, 2008 at 6:00 PM in reply to: Holy Shit Sandwiches: WaMu taken over by FDIC; deposits sold to JP Morgan #275643davelj
ParticipantI must admit that it irritates me a bit that WaMu won’t show up on the List of Failed Banks because, technically, it doesn’t look as if any depositor money will be lost. But when common, preferred, and debt holders (I must assume that the FHLB will get paid) get bupkus, well, that’s a failure in my book.
September 25, 2008 at 6:00 PM in reply to: Holy Shit Sandwiches: WaMu taken over by FDIC; deposits sold to JP Morgan #275645davelj
ParticipantI must admit that it irritates me a bit that WaMu won’t show up on the List of Failed Banks because, technically, it doesn’t look as if any depositor money will be lost. But when common, preferred, and debt holders (I must assume that the FHLB will get paid) get bupkus, well, that’s a failure in my book.
September 25, 2008 at 6:00 PM in reply to: Holy Shit Sandwiches: WaMu taken over by FDIC; deposits sold to JP Morgan #275694davelj
ParticipantI must admit that it irritates me a bit that WaMu won’t show up on the List of Failed Banks because, technically, it doesn’t look as if any depositor money will be lost. But when common, preferred, and debt holders (I must assume that the FHLB will get paid) get bupkus, well, that’s a failure in my book.
September 25, 2008 at 6:00 PM in reply to: Holy Shit Sandwiches: WaMu taken over by FDIC; deposits sold to JP Morgan #275712davelj
ParticipantI must admit that it irritates me a bit that WaMu won’t show up on the List of Failed Banks because, technically, it doesn’t look as if any depositor money will be lost. But when common, preferred, and debt holders (I must assume that the FHLB will get paid) get bupkus, well, that’s a failure in my book.
September 25, 2008 at 4:54 PM in reply to: Holy Shit Sandwiches: WaMu taken over by FDIC; deposits sold to JP Morgan #275338davelj
ParticipantUPDATE:
It looks as though JP Morgan is taking on all the assets of WaMu as well (Yay for taxpayers!!) and the “mark” to the assets will come out of the hides of everyone below the depositors on the balance sheet. That means common equity, preferred, sub-debt, etc. all goes to ZERO. Ouchtown: Population Texas Pacific Group and Others!! David Bonderman phone home!!
OK, I feel better about this.
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